Overview

Detailed Summary

Solar Industries India Limited is a leading manufacturer of industrial explosives and explosive initiating systems, catering to diverse industries, including mining and defence.
The company reported a remarkable 29% increase in sales year-over-year for Q3FY26, signaling strong operational growth driven by its explosives and defence sectors.
Significant growth is seen in the international segment, contributing 35% year-on-year revenue growth, showcasing successful global expansion strategies.
Solar Industries' defence sector witnessed a 72% year-on-year revenue increase for Q3FY26, with a strong pipeline and order book enhancing future growth prospects.
Holding over 73% of its shares, the promoter's stake in Solar Industries underscores solid governance and strategic alignment with long-term growth objectives.

Sector: Chemicals & Petrochemicals
Industry: Explosives
Market Cap: 1,67,136 Cr
Volatility: Moderate Risk
P/E Ratio: 99.6
Industry P/E: 44.8
PEG Ratio: 3.3
P/B Ratio: 26.4
52W High: 18,970.00
52W Low: 11,641.10

Sales CAGR

1Y: 24.23%
3Y: 20.80%
5Y: 24.14%
10Y: 16.52%

Profit CAGR

1Y: 47.15%
3Y: 45.35%
5Y: 30.35%
10Y: 24.86%

ROE

TTM: 26.72%
3Y: 26.16%
5Y: 24.49%
10Y: 23.05%

ROCE

TTM: 29.10%
3Y: 31.32%
5Y: 29.12%
10Y: 28.12%

Technicals

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Forecasts

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Peers

Commodities Chemicals Chemicals & Petrochemicals Explosives

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SOLARINDS		18286.00	1,65,470 Cr	98.64	26.36	0.06	26.72	29.10	15.91
PIDILITIND		1552.30	1,57,992 Cr	64.51	14.59	0.74	22.61	29.97	16.01
SRF		2738.65	81,412 Cr	44.36	5.80	0.33	13.07	13.18	7.60
LINDEINDIA		7084.70	60,418 Cr	110.06	14.16	0.17	12.87	17.16	9.45
FLUOROCHEM		3940.00	43,052 Cr	75.00	5.51	0.08	7.30	8.93	4.83
NAVINFLUOR		7597.00	38,965 Cr	58.72	9.80	0.20	16.69	18.14	10.40
HSCL		672.00	33,875 Cr	45.09	7.20	0.12	15.96	19.45	11.97
Median: 7 Co.	—	3940.00	60,418 Cr	64.51	9.80	0.17	15.96	18.14	10.40

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,429	1,611	1,685	1,716	1,973	2,167	2,154	2,082	2,548	3,053
Expenses	1,073	1,257	1,235	1,271	1,447	1,627	1,620	1,529	1,840	2,227
Operating Profit	356	354	449	445	527	540	535	553	708	826
OPM %	24.93	21.96	26.67	25.92	26.69	24.91	24.83	26.55	27.79	27.06
Other Income	9.58	20	26	36	11	3.97	29	28	25	46
Interest	28	32	27	30	31	29	27	31	34	41
Depreciation	39	37	40	44	47	50	56	61	63	71
Profit Before Tax	299	305	408	407	459	464	481	490	636	759
Tax %	25.76	20.52	26.39	25.36	26.49	25.47	26.65	26.16	26.63	26.74
Net Profit	222	243	301	304	338	346	353	361	467	556
EPS in Rs	22.47	25.98	31.66	31.59	34.80	35.61	37.43	38.12	49.31	60.52

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,711	1,951	2,462	2,237	2,516	3,948	6,923	6,070	7,540	8,010
Expenses	1,256	1,505	1,960	1,803	2,001	3,200	5,634	4,700	5,580	5,964
Operating Profit	455	447	502	434	515	747	1,289	1,369	1,960	2,046
OPM %	26.60	22.90	20.39	19.41	20.46	18.93	18.62	22.56	26.00	25.54
Other Income	13	12	8.67	41	21	20	31	45	76	79
Interest	27	33	50	55	45	50	90	109	117	116
Depreciation	39	51	59	85	94	109	128	143	182	198
Profit Before Tax	271	340	402	336	397	607	1,102	1,161	1,739	1,811
Tax %	28.27	31.22	31.12	17.01	27.46	25.02	26.36	24.63	25.93	26.02
Net Profit	195	234	277	279	288	455	811	875	1,288	1,340
EPS in Rs	19.47	25.21	29.29	29.55	30.53	48.76	83.69	92.39	133.66	185.38
Dividend Payout %	24.25	24.62	24.21	20.30	19.65	15.38	9.56	9.20	7.48	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	18	18	18	18	18	18	18	18	18
Reserves	787	910	1,066	1,220	1,362	1,561	1,896	2,592	3,288	4,368
Borrowings	344	409	425	464	610	649	888	1,195	1,138	975
Other Liabilities	364	390	486	579	542	802	922	1,231	1,294	2,900
Total Liabilities	1,513	1,727	1,995	2,282	2,532	3,030	3,724	5,036	5,737	8,261
Fixed Assets	703	777	923	1,043	1,209	1,288	1,493	1,702	2,028	2,692
CWIP	30	91	107	178	165	293	230	282	490	707
Investments	40	53	17	33	2.35	0.97	18	99	370	676
Other Assets	740	806	947	1,029	1,156	1,448	1,983	2,954	2,850	4,186
Total Assets	1,513	1,727	1,995	2,282	2,532	3,030	3,724	5,036	5,737	8,261

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	243	118	254	314	325	357	298	656	1,406	2,468
Cash from Investing Activity	-141	-170	-174	-254	-260	-253	-338	-614	-1,021	-1,660
Cash from Financing Activity	-92	53	-53	-52	-34	-26	-45	118	-370	-476
Net Cash Flow	11	0.49	27	8.51	32	77	-85	160	15	331

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%	73.15%
FIIs	5.79%	5.89%	5.90%	6.10%	7.57%	7.53%	7.23%	5.82%	6.79%	7.11%	6.74%	6.60%
DIIs	15.02%	15.24%	15.06%	14.53%	12.74%	12.68%	12.79%	14.11%	13.59%	12.89%	12.91%	12.91%
Public	6.04%	5.72%	5.89%	6.23%	6.55%	6.64%	6.83%	6.92%	6.48%	6.85%	7.21%	7.35%
Total Shareholders	51,199	50,103	57,926	64,377	72,853	78,402	83,959	95,380	97,712	1,05,014	1,13,869	1,15,917

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan